Financial regulatory reform: key changes that reduced systemic risk

A wave of retrospection regarding the Dodd-Frank legislation rolled through the press late last summer. Although articles and opinion pieces marking the occasion of Dodd-Frank's fourth anniversary looked back with a critical eye, this article is the first in a series of three that look forward....

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Bibliographic Details
Published in:Banking & Financial Services Policy Report 2015-01, Vol.34 (1), p.17
Main Authors: Madison, George W, Cohen, Gary J, Shirley, William A
Format: Article
Language:English
Subjects:
Anniversaries
Banking industry
Banks
Economic aspects
Economic crisis
Federal government
Financial crises
Financial services
Great Recession
International finance
Laws, regulations and rules
Legislation
Rating services
Reforms
Regulation of financial institutions
Regulatory reform
Stock exchanges
Wall Street Reform & Consumer Protection Act 2010-US
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Summary:A wave of retrospection regarding the Dodd-Frank legislation rolled through the press late last summer. Although articles and opinion pieces marking the occasion of Dodd-Frank's fourth anniversary looked back with a critical eye, this article is the first in a series of three that look forward. Throughout the authors' narrative, they focus closely on the role played by nonbanks as well as banks in the financial crisis. This focus is essential to understanding the regulatory successes, the current regulatory opportunities, and the next big regulatory thing. They use the term "shadow banking" even though it can obscure rather than illuminate the issues at hand. In the wake of the crisis, Congress enacted Dodd-Frank, a comprehensive legislative framework intended to plug holes in the financial regulatory umbrella that were exposed by the crisis. Criticism of financial regulatory reform is not a new phenomenon.
ISSN:1530-499X